Freshest Figures Show New Home Sales and Prices Decrease in Allentown
Posted on: May 06, 2013 07:01:00 AM
In January, the Allentown, PA market saw a fall year-over-year in new home closings, and the percentage decline was steeper than December 2012. Closings fell 27.3% from a year earlier to 32, compared with a 12.5% decline in December from the year earlier.
A total of 739 new homes were sold during the 12 months that ended in January, down from 751 for the year that ended in December.
New home closings as a percentage of overall housing closings fell to 6.5% from 9.3% of closings a year earlier. Following a decline in December year-over-year, closings of new and existing homes increased year-over-year in January.
Pricing and Mortgage Trends
In January, the average price for new home closings was $270,837, a 3.9% decline from last year. This decline is a drop off from the 11.6% drop in December from a year earlier.
In January 2013, average mortgage size on newly sold homes moved from $226,707 to $227,336 from January 2012. In December 2012, average mortgage size dipped 8.2% from a year earlier. Of the overall sale price, the percentage that was being financed rose 3.5 percentage points year-over-year to 83.9% in January 2013. This was another rise after December 2012 when there was a 2.9 percentage point rise from a year earlier.